A remarkable 21 billion ADA were exchanged lately, making Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, the beneficiary of a notable spike in high transaction volumes.
Since investors and experts are keeping a close eye on events in both the Cardano ecosystem and the larger cryptocurrency market, this upsurge in activity is raising expectations for a significant price gain for ADA.
A $10.11 billion value of 21.34 billion ADA was responsible for a significant portion of Cardano’s 24 hour transaction activity, according to statistics from IntoTheBlock.
Big Transaction Volume provides an estimate of the total amount that institutional players and whales, or huge investors, transacted on a certain day. Increases in the volume of large transactions indicate increased buying or selling activity by institutional players or whales. In this perspective, transactions that total more than $100,000 are considered large.
The high transaction volumes might be a sign of increasing whale interest, as they are probably gathering ADA in expectation of future price growth.
On May 15, IntoTheBlock revealed that Cardano whales with 100 million to 1 billion ADA increased their holdings to 6.7% of the entire supply by adding 11% to their balances in the previous month. This large build-up of ADA might increase market confidence, which over time may lead to favourable price momentum.
ADA price action
Cardano’s native cryptocurrency, ADA, has experienced a wave of profit-taking following four days of rises. As investors started to take advantage of their recent gains, the digital asset, which has been riding a bullish wave, saw its upward trajectory suddenly pause.
ADA has down 0.77% in the previous day to $0.4665 as of this writing, from highs of $0.491 attained on May 17.
Participants in the cryptocurrency market are closely monitoring ADA’s price fluctuation in the near future. Whether the recent price increase in cryptocurrencies will continue or if there will be another drop in the near future depends largely on their ability to hold onto their present support levels.
